Shari'a Supervisory Board Holds a Meeting at Al Samou' in Hebron

Ramallah- Shari'a Supervisory Board at Palestine Islamic Bank and in cooperation with Al Samou' municipality organized a meeting at the town hall dedicated for Al Samou' residents in Hebron governorate, the meeting aimed to raise awareness around the concept of Islamic banking and the basis of financial dealing in accordance to the provisions of Islamic Shari’a law.

The meeting included a detailed explanation of Islamic financing formulas such as; Murabaha, Istisna'a and others, indicating the differences between these formulas and commercial banks transactions, the meeting also affirmed that the shari'a supervisory board of PIB monitors all transactions in terms of their compliance with Islamic Shari’a law.

Dr. Hussam Al-Din Afaneh, chair of the shari'a supervisory board at PIB pointed to the importance of continuing to hold such gatherings and meetings in all governorates around the country for the role it plays in spreading awareness on Islamic banking among the audience and encourages them to commit to the provisions of Islamic Shari’a law as a reference for their financial transactions.

Dr. Afana said that the public's confidence in Islamic banking has a significant impact on its growth both in the arab and international world, which puts it under a great responsibility in developing its services and products in a way that suits the needs of the public and does not oppose the provisions of Islamic Shari’a law.

The shari'a supervisory board at PIB is chaired by prof. Dr.Hussam Al-Din Afaneh and include in its membership: prof. Dr.Maher Al-Huli and Dr.Alii Sartawi and Dr.Tariq Al-Ja’bari.